Belgium's foreign trade in goods continues to decline, according to data published by the National Bank of Belgium (NBB) and the Institute for National Accounts (INA) on Tuesday. The automotive sector has been most affected.
Between December to February, drops of 1.4% in imports and 1.7% in exports were reported.
A notable decrease was observed in vehicle trade, particularly in passenger cars. Both imports and exports of vehicles are declining, with a sharper drop in exports in recent months.
Only hybrid vehicles remain stable in imports. Meanwhile, traditional fuel vehicles continue to lose importance and imports of electric vehicles (EVs) have stagnated after a period of strong growth.
The recent decline in Belgium's vehicle exports results from a combination of factors: a fall in EV exports from their 2023 peak, reduced exports of fossil fuel vehicles, and a slight increase in hybrid vehicle exports.
Approximately two-thirds of Belgium's exports consist of re-exports of previously imported vehicles.
"The decline in exports can be attributed to recent closures of production centres in Belgium and reduced sales in the European hinterland," an official noted.
Exports of vehicles to the United States began to decrease before the introduction of import tariffs, dropping by as much as 41% in 2024.
